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Officially a recession: PH-GDP decreased by 16.5% during the second quarter



A general view of the horizon of the Makati financial district. (AFP)

MANILA, Philippines ̵

1; The Philippine economy shrank by a record 16.5 percent in the second quarter – at the height of the longest and most severe COVID-19 lockdown in the region, which had halted 75 percent of economic activity and thrown away millions of jobs.

The Philippines fell in a technical recession or two straight quarters of the decline in gross domestic product in the first half, when GDP fell by 0.7 percent from the year before in the first quarter, thanks to the outbreak of Taal Volcano and tourism revenues at the start of the COVID-19 pandemic.

National statistician Claire Dennis S. Mapa previously told the pollster that the last time the Philippines’ GDP fell was in the first quarter of 1985 – during the declining year of the Marcos dictatorship, by 10.5 percent.

The economy also declined by 10.7 percent during the third quarter of 1984.

CFOs had estimated GDP to fall by 2-3.4 percent for the whole of 2020.

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